There is something special about enjoying a holiday, be it with your family, your partner or even while travelling on your own. This can all change in an instant if you experience some sort of emergency while on your holiday, especially if it leaves you trying to work out how to get hole of money relatively quickly. You may ask, what could happen to me that I would need money with such urgency? This could be a medical emergency, your car could have broken down, or you could have lost your luggage, or any other number of things! Here are some of the ways that you could source money quickly, just when you need it.
Check your travel insurance
The first thing that you should do is to check what cover your travel insurance extends to. You do have travel insurance, right? Sadly there are quite a lot of people that don’t bother with insurance, who can find themselves in real trouble should the worst happen. This can prove to be a terrible mistake, especially in the event that you had a nasty accident, or took seriously ill while on your holiday.
Extend your overdraft
If you already have an overdraft facility with your bank account, it can sometimes be extremely quick to extend the limits of your overdraft. If you have a good credit score you can often do this instantly from your online banking facility. This can be a cheap way of getting yourself out of a financial hole without too much impact. Of course, the larger your overdraft, the harder it is to get back out of it.
Use your credit card
If you have a credit card, you can often draw out cash from the account (if you have an available balance), although this is will often incur a larger interest charge than normal purchases. Again, much like an overdraft, if your account is in good standing, it is often possible to extend your credit limit. This will often need to be done by telephone though, unless it is a card that is with your bank, where you can often do it online.
Ask your family
While it can dent your pride to have to go cap in hand to your family, this is probably one of the best ways to get emergency cash at no extra cost. This might not always be practical, especially for larger sums of money. If you can get by with what your family or friends can afford to lend you, it means you will not face any interest charges, and the repayment dates could be more flexible.
Get some form of short term credit
If all other options fail, you could resort to using short term credit. You could apply to borrow money from websites back home such as emergencyloans247.co.uk in the UK, or www.cashadvance-247.com in the USA, who can process your application in minutes and deposit the money right into your account. The interest charges can be quite high on short term credit though, so you need to use this as a last resort.
Be prepared as best you can
Whichever way you find the money, the main thing is that you will hopefully be able to continue with your holiday, of course you will need to worry about paying it back once you get home. The best way to make this situation more unlikely is to take as many precautions as you can before you leave, this could include the obvious things like travel insurance, combined with making sure you have backup money kept in a separate account, or in the form of cash or travellers cheques that you can use as a backup. Trying to save money by scrimping on travel insurance can really haunt you if you find yourself fin a position where you need it abroad. If you are prepared, you can enjoy a worry free holiday, knowing that you are fully prepared!